养老保险体制改革——基于运行效率与分配公平的两难抉择

This paper uses an OLG model to analyze the dilemma between efficiency and fairness, and then give a numerical simulation for China’s reform practice in pension system with Chinese data.Results showed that :1)Compared to efficiency and fair distribution, partial full-funded syste- m was better than full-funded system, and worse than pay-as-you-go system.2)Based on the situat- ion of China ,it is reasonable to choose and keep partial full-funded system. Labor production is t- he key factor in improving efficiency and fair distribution,more investment was needed to improve human capital,and the school education and vocational education also need to pay more attention.